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Cottages at Leon Creek in San Antonio
Build-to-RentFinanceInvestment SalesNewsTexas

JLL Capital Markets Brokers Sale of 284-Unit Build-to-Rent Community in San Antonio

by Channing Hamilton

SAN ANTONIO — JLL Capital Markets has arranged the sale and financing of Cottages at Leon Creek, a 284-unit build-to-rent community in San Antonio. Located at 12839 Berthoud Ln., Cottages at Leon Creek was originally built as a student housing asset. The property has since been repositioned as a single-family rental community. Cottages at Leon Creek now offers two-, three- and four-bedroom units. Select units feature fenced-in private yards. Amenities include a pool, fitness center, pickleball court, private workstations and a cinema. The asset also offers direct access to the …

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West End II in Raleigh, North Carolina
DevelopmentFinanceNewsNorth CarolinaSoutheast

JLL Arranges $85 Million Construction Financing for West End II in Raleigh, North Carolina

by Channing Hamilton

RALEIGH, N.C. — JLL has arranged $33.6 million in joint venture equity and $51.4 million in debt financing for the development of West End II, a 252-unit project underway in downtown Raleigh’s West End neighborhood. Travis Anderson, Warren Johnson, Ryan Pride and Jovi Rodriguez of JLL arranged the equity placement and debt on behalf of the borrower, locally based Kane Realty Corp. The equity partner is an investment fund from South America. The lender is an unnamed national life insurance company. Located at 510 W. Cabarrus St., West End II …

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509 North Apartments in Albany, Georgia
FinanceGeorgiaNewsSoutheast

Greystone Provides $15.5 Million Refinancing for 509 North Apartments in Albany, Georgia

by Channing Hamilton

ALBANY, GA. — Greystone has provided a $15.5 million Fannie Mae loan for the refinancing of 509 North Apartments, a 252-unit community located in the South Georgia city of Albany. The non-recourse loan was underwritten with a fixed interest rate, seven-year term and 30-year amortization schedule. The borrower was not disclosed. Rob Meehan and Avrom Forman of Greystone originated the financing, with Yehuda Heller of Seven Stone Capital acting as correspondent. 509 North Apartments was constructed in 1987. The garden-style community consists of 14 buildings. Units come in one- and …

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The Victoria in New York City
FinanceNew YorkNewsNortheast

Walker & Dunlop Arranges $148 Million Refinancing for The Victoria in Harlem

by Channing Hamilton

NEW YORK CITY — Walker & Dunlop (NYSE: WD) has arranged the $148 million refinancing of The Victoria, a mixed-use property in the Harlem neighborhood of Upper Manhattan. The project was constructed around the neighborhood’s historic Victoria Theater. According to Walker & Dunlop, The Victoria is the tallest building in Harlem.  The Victoria comprises 191 apartments, as well as 23,000 square feet of retail space, a 211-room Marriott-branded hotel and 52 below-grade parking spaces. The 30-story building was completed in the third quarter of 2023. Aaron Appel, Keith Kurland, Jonathan …

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CaliforniaFinanceInvestment SalesNewsWestern

MMCC Brokers $3.4 Million Acquisition Financing for 30-Unit Property in Lompoc, California

by Channing Hamilton

LOMPOC, CALIF. — Marcus & Millichap Capital Corp. (MMCC) has arranged $3.4 million for the acquisition of a 30-unit community located at 701-717 N. F Street in Lompoc, 54 miles northwest of Santa Barbara, California. The property consists of five buildings, each housing six two-bedroom units. Ron Balys of MMCC’s Orange County office secured the loan, which features a one-year loan with an interest rate of 11.5 percent. A western based fund provided the financing. The borrower was a local investment management company.

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Vroom Street Apartments in Jersey City, New Jersey
DevelopmentFinanceNew JerseyNewsNortheast

JLL Capital Markets Arranges $13.1 Million in Construction Financing for Vroom Street Apartments in Jersey City, New Jersey

by Channing Hamilton

JERSEY CITY, N.J. — JLL Capital Markets has arranged $13.1 million in construction financing for the development of Vroom Street Apartments, a 42-unit project in the Journal Square neighborhood of Jersey City. JLL worked on behalf of the borrower, Urban Square Properties, to secure the two-year loan through First Bank. Max Custer and Salvatore Buzzerio led the JLL Capital Markets Debt Advisory team. The unit mix at Vroom Street Apartments will include five studio units, 14 one-bedroom units and 23 two-bedroom units. The average unit size will be 913 square feet. …

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Skyview by Zen in West Valley, Arizona
ArizonaDevelopmentFinanceNewsWestern

Tower Capital Arranges $51.5 Million Construction Financing for 190-Unit BTR Community in Metro Phoenix

by Channing Hamilton

WEST VALLEY, ARIZ. — Tower Capital has negotiated $51.5 million in non-recourse construction financing for the development of Skyview by Zen, a 190-unit build-to-rent (BTR) community in West Valley, 50 miles west of downtown Phoenix. Kyle McDonough and George Maravilla of Tower Capital arranged the financing on behalf of Zen and 10Y. The sponsor acquired the development site at 2627 N. 83rd Ave. in 2023. Once completed, Skyview by Zen will offer townhomes in two- and three-bedroom layouts. Construction is underway, with the first units slated to deliver in October …

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VER at Proscenium in Indianapolis, Indiana
DevelopmentFinanceIndianaInvestment SalesMarket ReportsMidwest

No Longer ‘Flyover’ Country: Indianapolis Achieves Positive Rent Growth, Absorption

by Channing Hamilton

The capital markets continue to present challenges and create confusion across the U.S. transaction space. Most markets outside the Midwest have retreated toward a rent-growth flatline, or worse. However, in the midst of it all, the metro area stands like a pillar of stability. No longer known simply for its manufacturing prowess, Indianapolis boasts a long list of economic strengths. These include a diverse, sustainable and growing employment base; predictable fundamentals, including controlled levels of supply; a forward-thinking investment in infrastructure; and a growing base of capital. These capital sources, …

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Highline Apartments in Omaha, Nebraska
FinanceMidwestNebraskaNews

Colliers Mortgage Provides $29.9 Million Refinancing for Highline Apartments in Omaha

by Channing Hamilton

OMAHA, NEB. — Colliers Mortgage has provided a $29.9 million Fannie Mae loan for the refinancing of Highline Apartments, a 306-unit complex in Omaha. Brett Olson and Jeff Witt of Colliers Mortgage originated the 10-year loan, which features interest-only payments for the full term. Highline Apartments consists of two buildings connected by a covered parking garage. Community amenities include rooftop decks, basketball courts, a business center, fitness center, outdoor pool and clubhouse.

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The Perch PDX in Portland, Oregon
Affordable HousingDevelopmentFeaturesFinanceMidwestNevadaNortheastSoutheastTexasWestern

Industry Says Biden’s Proposed Rent Cap Would Punish Tenants

by Channing Hamilton

WASHINGTON, D.C. — The Biden administration has called on Congress to pass rent-control legislation that would affect more than 20 million rental homes across the country. Under the proposed rule, landlords with more than 50 units in their portfolios would forfeit federal tax breaks if they raise rents annually more than 5 percent on their existing units.  If passed, this rule would be in force beginning this year and would last through 2026. The plan would include an exception for new construction and for units currently undergoing substantial renovation or …

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